Congress, White House on Brink of Two-Year Debt Limit Deal
- Agreement depends on compromise to offset spending increase
- Mnuchin warned U.S. risks missing payments in early September
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Congress and the White House are on the brink of an agreement that would suspend the debt limit until July 31, 2021 and increase government spending for two years, according to people briefed on the discussions.
The deal that is in the final stages of negotiation would offset about $75 billion of the higher spending levels in the agreement, giving the Trump administration and Republicans about half of the savings they sought, the people said.